Slow and steady wins the race. That seemed like the initial message from the Federal Reserve when it raised interest rates for the first time in nearly a decade. But after a second look, the Fed's actions are actually more "hawkish" than "dovish."
In its statement, the Fed indicated that it remains "data dependent," and will watch inflation expectations closely and watch credit and international markets while it gradually moves up rates. This is about as dovish a statement the Fed can make, which leads one to wonder why the Fed bothered to raise its short-term rate at all.